Having read the relevant parts of the 41F document released Monday, December 4th, here are some of my thoughts. First, the actual rule: 479.11 Meaning of terms. * * * Person. A partnership, company, association, trust, corporation, including each responsible person associated with such an entity; an estate; or an individual. * * * Responsible […]
In a post back in September 29th of this year, I wrote about the reluctant Chief Law Enforcement Officer or CLEO problem or obstacle that many hopeful purchasers of NFA firearms encounter when they try to buy a suppressor, short barreled shotgun, or other such that are legal in many, if not most, states. What […]
To those couples who’ve decided to blend their families and to those who already have, know this: Just because the two of you fell in love, doesn’t mean your children are going to fall in love with each other or with your new spouse. While you wait for that to happen–if it ever happens–shoot for […]
The day my wife and I finally met with our estate planning attorney, Don Owen, was anticlimactic. We sat across from him, my wife Janet to my left, Don sitting on the other side of his desk. We were there to resolve what we then realized were thornier issues than what we had imagined when […]
My how things have changed, or at least, how my understanding of things have changed. I graduated from law school in 1980 thinking that irrevocable meant just that. Once a trust became irrevocable–generally upon the death of the settlor–its terms turned to stone, fixed and barely movable. The only way to turn that stone back […]
So I’ve been reading the ATF Federal Firearms Regulations Reference Guide 2014, the most current version as of March 7, 2015, so you don’t have to. It’s actually an interesting read if you’re into statutes, rules, regulations, and such. Try it. You may have a knack for deciphering dense, jargon-laden language. But if not . . . […]
A recent study by the University of Chicago Crime Lab published in the Journal of Preventive Medicine, coupled with a move by Senator Tim Kaine (D-Va.) to amend Section 922(d) of the Gun Control Act of 1963 (18 U.S.C. 44), provide yet another reason for gun owners to set up a gun trust. The Chicago […]
Virtually everyone should have a will. To see why, go here. But most people would do well to have a trust. Get that? You don’t have to be Bill Gates to need a trust. Here are five reasons why: 1. Avoid probate. Probate is the word we use to describe the legal process, the court proceedings, […]
A trust is a fiduciary relationship between a trustee and beneficiaries of the trust. Trusts can be implied and express. Implied trusts are court created in order to prevent unjust enrichment (a constructive trust) or to carry out what the parties intended, but failed to do properly. In estate planning, we concerned almost entirely with […]
As we discussed in 5 Reasons You Need a Will, a valid will controls where your money goes when you die–except when it doesn’t. In some states for instance, the maker of a will–the testator–can’t disinherit a spouse. In Wyoming for example, a disinherited spouse can “elect” to take 1/4 to 1/2 of the property disposed […]